LIKE most people, you’ve probably heard a lot of negative things about bankruptcy and that how filing could be the worst mistake you’ll ever make in your life. And like most people, you’ve been misled! There is so much misinformation out there about bankruptcy that a lot of good, honest, hard-working people are missing out on what could be their only opportunity to get out of debt and start a new life. With the current economic climate, many people who find themselves with no other options can get the relief that they need in order to find peace of mind again. Many people look everywhere (and in the wrong places) for a solution, not realizing that the solution is right under their nose.
At one time or another, we all make poor financial decisions. Prior to the national housing crisis, the economy seemed to be doing well and while home prices were on the upswing, a lot of people invested in real estate hoping to get a piece of the American dream. As we all know, however, a lot of these homeowners got lured into these adjustable rate loans with promises of minimal or no down payment, low mortgage payments and initial interest rates. Most people had the idea of waiting a few years for their home to appreciate in value and then refinance in a few years to keep their payments affordable. The rest is, of course, history. The real estate market crashed. Instead of values going up, home values took a nosedive instead and once the “adjustable” rate mortgages started “adjusting”, people found themselves trapped in mortgages that they couldn’t afford.
If you are currently trying to do a loan modification with your lender, you need to have a backup plan just in case your application is denied. If you are serious about keeping your property, you need to find out how bankruptcy can provide you a “safety net” that you will need if your lender informs you the last minute that your loan modification has been denied. This is a common mistake that people make and it can often be avoided with proper guidance from an experienced bankruptcy attorney.
Another culprit is credit cards. A lot of people get careless in charging a lot of purchases to credit cards without ever anticipating the possibility that they would lose their jobs. When the bills eventually come, they realize what they’ve done but unless they do something to keep their debts under control, financial trouble is just around the corner and bankruptcy becomes inevitable. Sadly, I see a lot of people who work hard and long hours but half of their paycheck just goes to paying credit card debt. They have zero savings and nothing to show for what they had borrowed. They are just trapped in debt and they have no financial plan for their future.
If you are frustrated with overwhelming debt, there is a way out. Bankruptcy is not for everyone but you need to at least find out all available options. Bankruptcy is nothing more than a financial tool that you can use to get your financial affairs back in order! Don’t remain trapped in debt forever. You can do something to turn your financial situation around; the sooner, the better. For a free consultation, please call Toll-Free 1 (866) 477-7772 to schedule a free consultation. We have offices in Glendale, Cerritos, West Covina, Valencia & Riverside.
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None of the information herein is intended to give legal advice for any specific situation. Atty. Ray Bulaon has successfully helped thousands of clients in getting out of debt. For a free attorney evaluation of your situation, please call Ray Bulaon Law Offices at TOLL FREE 1 (866) 477-7772.
